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Full Service Apartment Building Management in all 5 BorosTue, 23 Jun 2015 13:52:11 +0000en-UShourly1https://wordpress.org/?v=4.3.18How to Find the Right Kind of Residents for Your Propertieshttp://www.nycpropertypartners.com/find-the-right-kind-of-tenants/
http://www.nycpropertypartners.com/find-the-right-kind-of-tenants/#commentsSun, 01 Mar 2015 12:09:48 +0000http://www.nycpropertypartners.com/?p=268When it comes to leasing your property, you of course want to make sure you avoid leaving it empty as far as possible. If your real estate is currently ‘between’ residents, then you’ll be losing a lot of money each month and leaving the property to look more and more ‘unlived in’ by the day. […]

]]>When it comes to leasing your property, you of course want to make sure you avoid leaving it empty as far as possible. If your real estate is currently ‘between’ residents, then you’ll be losing a lot of money each month and leaving the property to look more and more ‘unlived in’ by the day. Ultimately, you might find yourself forced to accept a lower rate than you had planned just to avoid having it empty for another month.

With all that in mind, filling your property should be a priority. But that’s not to say that you should be indiscriminate in choosing who you rent to, so it’s important not to rush. In fact, if you get this wrong, you may find that having bad tenants is worse than having no tenants at all! Let the wrong people stay in your apartment or house and you could find they damage your belongings, miss rent and upset the neighbors – costing you and the property management companies a lot of time and money in the process.

In this post, we’ll look at how you can go about avoiding the ‘wrong kind’ of residents.

Décor and Design

To an extent, a certain type of property is going to attract a certain type of tenant and the way that you decorate your rooms can have a big impact on how the property is seen and who finds it appealing.

It’s important here to try and avoid prejudice or stereotypes. It’s easy to think that the ‘adorable old couple’ are going to be better tenants than the ‘four boisterous lads’ but this isn’t actually all the case (some old couples are downright livewires).

Don’t try to ‘put off’ a demographic then but rather just create a décor that is more conducive to quiet dinner parties and evenings in front of the TV than it is house parties and games of indoor football. If you need more advice on how to pull this off, make sure you ask your property management company.

Quality

On the whole, a more well looked after property is likely to attract a better standard of resident. If your rooms are covered in mold and ancient furniture from the scrap yard, then people will think it ‘doesn’t matter’ how they behave in your home – and as a result you will attract people who want those types of properties. Property management companies work closely with clients to ensure that their places are well maintained and look high quality.

Rules

Don’t be afraid to enforce a few rules for your property if you are concerned about the types of residents you might get. It’s not uncommon to create a no-pets rule, or a ‘no students’ rule and you can even request that your residents be professionals. This is your prerogative and if there’s a certain of person you want to avoid, that’s entirely your call to make.

Assessing the Residents

Most important of all though is to take some time to assess your potential residents and to decide on a case-by-case basis whether they are a good fit for your property.

Speak with the prospective tenants in person and you should be able to get a vibe from them that helps you to make your decision and if you can’t do this then your property management companies should be able to tell you whether or not the prospective tenants are a good choice.

Try to keep the advertised price of rent a little on the high side meanwhile and that way you’ll be able to entice the better seeming clientele with discounted rates.

]]>http://www.nycpropertypartners.com/find-the-right-kind-of-tenants/feed/0Is Your Kitchen Putting Off Potential Tenants? What Should You Do About Ithttp://www.nycpropertypartners.com/your-kitchen-putting-off-potential-tenants/
http://www.nycpropertypartners.com/your-kitchen-putting-off-potential-tenants/#commentsSat, 28 Feb 2015 13:02:24 +0000http://www.nycpropertypartners.com/?p=245When prospective tenants look around a property, they will tend to be looking for a number of things. Sometimes of course they will have specific criteria that are unique to them but at the same time there are a few common requirements that a lot of people will have. Real property management means looking at […]

]]>When prospective tenants look around a property, they will tend to be looking for a number of things. Sometimes of course they will have specific criteria that are unique to them but at the same time there are a few common requirements that a lot of people will have.

Real property management means looking at these factors and making sure that the place you are offering ticks as many boxes as possible. You need to make sure that there are no aspects of your property that are causing lots of tenants to turn away and that means understanding what it is that people look for as priorities.

A good-sized, well designed kitchen is just such an example of a commonly sought-after requirement and it’s not hard to see why. The kitchen is one of the areas many of us will spend the most time in as we’ll be there to cook, to pack lunches, to wash up and even to eat. As an important part of our routine, a kitchen can have a big impact on our day-to-day satisfaction with a property so it’s essential that it be up to par.

The question then, is how to know whether your kitchen might be putting people off and what you do about it if it is. Read on…

Size

The most important requirement for a kitchen for most people is going to be that it’s decently sized and this becomes even more important in a house share or a family home.

For starters, if your kitchen is severely detracting from your property, you might want to consider expanding it by knocking down a wall or even just going open-plan. Failing this, you can use a few tricks to make a kitchen look bigger – using lighter colored paint is surprisingly effective for instance as it helps to proliferate light around the room.

Layout

Also important is the layout of your room. If you really can’t do anything about the size or the appearance of your kitchen, then the right layout can at least go some way towards compensating for diminutive dimensions. Adding some verticality by having kitchen cabinets higher up on the wall can make a big difference for instance, as can choosing the right arrangement of countertops so as to maximize the available surface areas. You can even apply some DIY ‘hacks’ like putting shelves up across the windows. A real property management company will be able to help guide you through this process.

Utilities

Similarly crucial is that your kitchen offer all the right utilities. Having enough rings on the hob for more than one person to cook can literally make or break someone’s decision to move in. Another great selling point for any property is a washing machine and dryer. If you don’t have space in your kitchen remember that these can go into other rooms.

Quality

Finally, make sure that you invest a reasonable amount into your kitchen décor. Recognize that a granite countertop is likely to offer great return on investment by helping you to attract more high quality residents and put your kitchen décor high on your list of priorities. Knowing where to put the investment in both to keep your residents happy and to improve your profits is what real property management is all about!

]]>http://www.nycpropertypartners.com/your-kitchen-putting-off-potential-tenants/feed/0NCY Property Management – How Your Manager Can Help Youhttp://www.nycpropertypartners.com/ncy-property-management-can-help-you/
http://www.nycpropertypartners.com/ncy-property-management-can-help-you/#commentsWed, 04 Feb 2015 07:33:32 +0000http://www.nycpropertypartners.com/?p=227New York is notorious for absurdly high property rental or sale rates, which comes as no surprise to renters and landlords alike. This also means that property owners can get so much more in terms of rentals compared to real estate in other cities. If you own several properties that are up for rent, one […]

]]>New York is notorious for absurdly high property rental or sale rates, which comes as no surprise to renters and landlords alike. This also means that property owners can get so much more in terms of rentals compared to real estate in other cities. If you own several properties that are up for rent, one of the most important steps to take would be to hire a property manager or at the least, get sound property management advice. Here are a few reasons why hiring a property manager is a wise and prudent move for any property owner in New York.

Why You Need a Property Manager in NYC

Professional Management

A property manager specializes in this particular field, which means that you can expect professional service in terms of detailed reports, someone who is on the job when problems with tenants arise, and you have someone who can deal with rental collections and other important issues. Most property managers have experience doing basic household troubleshooting such as fixing leaks, broken fuse boxes and the like, so you also get to save on maintenance costs. This can be essential for landlords with no handyman skills or have to time to attend to repairs.

Knowledge of Property Laws and Regulations

Many landlord posses the most basic knowledge of property laws in their states, which may not be enough when it comes inspecting contracts and making sure that the landlord’s rights are not breached without him knowing about it. Knowledge of local regulations and policies also ensures that safety and other legal requirements are met by the property to avoid penalties or lawsuits. A property manager has an extensive and up-to-date knowledge of NYC property laws and regulations so he or she can make sure that the landlord and property is fully compliant with state property tenancy or rental laws.

Save Time

Many landlords have day jobs that have nothing to do with their rental properties. A property manager can take over the running of the property, giving landlords and property owners free time to do more important things. The services of a property manager becomes even more invaluable when personal emergencies and important obligations, such as jury duty, occur. Landlords can take care of these matters knowing full well that a competent professional is running the property for them.

NYC property management companies provide landlords with the professional assistance they need to run an efficient tenancy operation that complies with state laws. Not only does a professional property manager take care of tenant needs, he is also a professional who can be expected to give detailed reports and can be relied upon to run an efficient tenancy operation that benefits both the tenants and the landlord.

]]>http://www.nycpropertypartners.com/ncy-property-management-can-help-you/feed/0New York State Property Management Lawhttp://www.nycpropertypartners.com/new-york-state-property-management-law/
http://www.nycpropertypartners.com/new-york-state-property-management-law/#commentsWed, 31 Dec 2014 11:49:50 +0000http://www.nycpropertypartners.com/?p=137Written by Terrance Chasse for NYCproperetypartners.com, November 2014 Intro Property Management Law encompasses the statutes and regulations that dictate the responsibilities and obligations that come with managing property, including apartments, homeowners association’s, condominiums, office buildings and cooperatives. What the Law States The Real Estate License Law of November, 2014 states that all New York property […]

Property Management Law encompasses the statutes and regulations that dictate the responsibilities and obligations that come with managing property, including apartments, homeowners association’s, condominiums, office buildings and cooperatives.

What the Law States

The Real Estate License Law of November, 2014 states that all New York property management companies must posses a real estate broker’s license. This license is required for such activities as renting to list, negotiating the rental of a property, collecting rent and placing tenants on behalf of a landlord client. There are very limited exemptions to this requirement.

Leases between landlord and tenant should identify the premises, specify the names and addresses of the parties, the amount due, the dates of the rent, the conditions of occupancy, and the rights and obligations of both parties.

Rent stabilization and rent control laws provide regulation over the amount of rent charged as well as many other tenant protections. These provisions are complex and ever changing. Tenants wishing to check if their tenancy is covered by rent stabilization or control laws should contact the New York City Rent Guidelines Board.

What’s Required from Property Managers

New York State Law requires that leases cannot exempt landlords from liability for accident or injury caused by the landlord’s negligence. Landlords are legally free to reject applicants but must not do so on the basis of race, religion, national origin, sex, familial status, or physical or mental disability. These regulations are covered under the federal fair Housing Act of 1968.

Although New York law does not state the amount of notice a landlord must give tenants to increase rent, the landlord must provide the same amount of notice as the timer required on the lease to give notice of termination of the tenancy. This is usually one month.

New York law requires that the landlord give the tenant three days in which to pay the rent or move. If neither of these things happens, the landlord is legally entitled to file for eviction.

What Tenants Can Expect

Tenants can expect the landlord to provide habitable housing. Under the “implied warranty habitability”, statute the landlord must keep basic structural elements of the building safe and intact. All common areas must be maintained and kept in a safe and clean condition. Electrical plumbing, sanitary, heating, ventilating and air conditioning systems must operate safely. There must be a supply of cold and hot water. The landlord must provide trash receptacles and arrange for trash pick up. It is also incumbent on the landlord to arrange for the extermination of rodents and other vermin.

Conclusion & Resources

New York State Property Management Law protect the rights of the millions of tenants and well as their property managers to ensure that this vital service is carried on in an equitable manner. To benefit from these protections, however, it is vital that both parties become familiar with what their legal rights and responsibilities are.

For more information regarding your rights as a tenant, please visit http://www.ag.ny.gov/sites/default/files/pdfs/publications/Tenant_Rights_2011.pdf. You can consult the Real Estate License Law in full here: http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

]]>http://www.nycpropertypartners.com/new-york-state-property-management-law/feed/0Four Facts That Led To New York’s Booming Property Markethttp://www.nycpropertypartners.com/new-yorks-booming-property-market/
http://www.nycpropertypartners.com/new-yorks-booming-property-market/#commentsMon, 29 Dec 2014 11:21:41 +0000http://www.nycpropertypartner.com/?p=127The New York real estate market is very hot at the moment, and the demand for homes and apartments has sky-rocketed over the past several months. As a matter of fact, the demand has increased so much that many developers cannot keep up with it, and every property management company has noticed an increased work-flow […]

The New York real estate market is very hot at the moment, and the demand for homes and apartments has sky-rocketed over the past several months. As a matter of fact, the demand has increased so much that many developers cannot keep up with it, and every property management company has noticed an increased work-flow as well. This is, however, a booming market and the statistics speak for themselves: a property spends approximately 46% less time on the market before it is sold, than it did a year ago, and the amount of properties available for sales has increased by approximately one fifth, year over year. That being said, here you will find a brief overview of some of the most important aspects that have led to New York’s booming real estate market:

1. The Economic Growth

The first and perhaps most important aspect that influences the real estate market, which has been like a roller-coaster over the past few years, is the economic growth. The more money people make, the more they are willing to spend on housing – in turn, this will result in an significant increase in the selling price of properties.

2. The Increased Mortgage Availability

This is not the only boom the New York real estate market faces – there was another one that lasted a decade, from 1996 to 2006. The history seems to be repeating itself, as an increased number of lenders are keen to ease the conditions that apply to mortgages, in order to convince as many people as possible to take one out. Moreover, the increased mortgage availability is also directly connected to the low deposits required by banks, as this also adds to the ease of getting a mortgage.

Things have changed as of 2007, when banks have started to apply strict rules and regulations in terms of mortgage, and this has automatically led to a reduction in the availability of mortgages, as well as a fall in the demand for long-term loans. Nonetheless, the mortgage industry seems to be back on track!

3. The Affordable Interest Rates

The interest rates take their toll on the cost of mortgage payments – high mortgage payments will lead to a lower demand for property, and will make renting a house far more appealing than buying one or building one from scratch. Nowadays, most banks offer long-term loans at highly affordable interest rates, thus making it easier for all those who want to buy a house to do so.

4. Rising Real Incomes For Those Who Work

Last, but not least, there has been recorded a rise in the incomes of those who work. The recession that ended recently was market by a period of economic collapse, unemployment, sky-high interest rates and harsh conditions that applied to loans and mortgages. Nonetheless, now that the economy is growing, so are people’s salaries – the more money they have, the more likely they are to invest in the property market and to buy themselves a house, as opposed to just renting one. This is precisely when the market booms occur.